$香港交易所(00388)$  

US stock market "Kings" at risk of "Aces" anti-kill The Federal Reserve's signal is no longer implicit. Inflation remains too high, and the fantasy of interest rate cuts should not be over-grown; if prices go in the wrong direction again, raising interest rates would not be a taboo. This is not the routine "data dependence" of central bankers, but rather the cold water on the market. The annual increase rate of CPI remains high, the stickiness of core inflation has not dissipated, and prices have been above the 2% target for many years. Add to that the Middle East is recurrent, and once oil prices rise, it will seep into the economic capillaries along the way of transport, wages, manufacturing and service prices.

Restriction is neither useless nor decisive. It adds cost and time delay to China, but cannot stop a country with 7 nanometer processes and abundant energy from brute force to build competitive models. Huang chose to emphasize only the latter, because it would be good for his business interests

Warning of Space Heat: Some institutions take Tesla as a lesson: the electric vehicle sector generally surged around the time Tesla was included in the S&P 500 in 2020, but smaller EV companies experienced a sharp pullback after a big surge. SpaceX's high valuation will indeed drive the space sector's "concept premium," but the market will ultimately test every company's fundamentals

The short selling ratio of the median 500 stocks has climbed to 3.0%, the highest level since 2012, exactly double the number of 2020 pandemic. More notably, the 10% of the stocks that were most shorted in the S&P 500 have seen their short ratio surge to 8.0%, the highest since 2018. Both indicators have surpassed the level of the bear market after the burst of the science and technology bubble in 2000. What does this represent? The market is not monolithic. The index is hitting new highs, but there are plenty of professional funds shorting and hedging at the individual stock level. This indicates that institutional investors are highly skeptical about the sustainability of the current rise - they follow the rise and are too afraid to be absent, while buying insurance crazily.

The US military launched a self-defense strike on southern Iran Monday night. The targets included missile launch positions and Iranian Revolutionary Guard ships attempting to lay mines, which the U.S. Central Command (CENTCOM) called these actions defensive actions during the ceasefire. However, U.S. futures jumped sharply on Monday, as investor sentiment improved as the US and Iran reached a possible deal to reopen the Strait of Hormuz. The picture is dire: the battlefield seems to be firing, while the market is celebrating peace.

Robot concept stock (06871) landed in Hong Kong with a thunderous momentum that broke the record of overbuying new shares. The founder Zhang Sai, like many technology companies in recent years, was a top student. Zhang Sai constantly pursues progress and improves products, making the company a billion dollar enterprise in just 14 years, which is admirable. Refusing to follow the scientific research path. Learn from practice Zhang Sai, born in Jinan, Shandong Province in 1983, got a recommendation from Zhejiang University with his outstanding grades in high school. But with a bigger goal, he chose to forgo his recommendation and took the college entrance examination, eventually knocking open the door of Tsinghua University and studying the Department of Heat Energy Engineering with a fourth

The most advanced MLPCB is the high - layer multi - layer MLB PCB. According to Frost Sullivan, there are fewer than 10 companies worldwide that can produce more than 70 layer of MLPCBs$勝宏科技(02476)$  

$新傳企劃(01284)$  

People who have earned a lot , probably by investment  He feels like I'm standing on the edge of the world. I began to make a big noise. I started to feel that some people are not worth their time and so on. Start using money to measure the value of respect. I started to feel like I wasn't the same anymore. — The first time I have money, it will lead to something, You began to believe that, Your judgment is correct. Your method is correct. Your eyes are right. So you started not listening to what others said. So you start to feel that some people's levels are not enough. So you start using wealth to determine a person's value. This is not a bad person. — Money, it proves you did something right. That's all. It doesn't prove that you are better. It doesn't prove that your judgment is a

In many cases, these super large IPOs happen just around market highs. However, Fundstrat argues that this is not a "top signal," but rather a real stock supply shock from large IPOs—when the lock period expires (usually six months later), a large number of tradable shares flooded into the market. SpaceX lockup period is expected to expire between December 15 and 27. At a size of 2.7% of the market value of SpaceX, this supply pressure will be unprecedented. With Anthropic and OpenAI also preparing for IPOs, the concentrated burst of IPO supplies could become a structural force that neutralizes market valuations in the second half of the year. Wait until the end of lock up period

Fundstrat tracked the performance of the S&P 500 after the top 10 IPOs in history: 1 month later: median return + 3.0%, winning rate 60%. After 3 months: median + 4.5%, winning rate 80%. 6 months later: median + 4.5%, winning rate 70%. 12 months later: median is just +3.1%, winning rate falls back to 60%, and average return even -2.1%. It is not too late according to history 

SpaceX's pre-IPO valuation accounted for about 2.7% of the overall US stock market capitalization. Largest US IPO in history: Ford (1956) accounted for 1.1% of market capitalization, Visa (2008) accounted for 0.8%, Facebook (2012) accounted for 0.7%. SpaceX is 3 to 4 times their size.

SpaceX is no longer just a space transportation company. It is wading into: space transportation, global satellite Internet infrastructure, AI computing infrastructure, and long-term orbital computing and energy potential

The average three-month normalization Put/Call Skew for S&P 500 stocks has fallen to 0.04. The historical mean is 0.16 and the historical high is 0.34. The current reading is the fourth lowest in the last two decades, and has plummeted by 75% since March. The current extreme lows mean that the pricing behavior of the option market is a state of collective forgetting. Human greed, conformity, and extrapolation of the recent strong trend are driving traders to dismantle their safety nets

Russia General Putin arrived in Beijing on Tuesday evening (May 19) to begin a two-day visit to China. He will be following US President Trump and holding talks with the Chinese President on a recent parity trip. The Chinese Foreign Ministry said this was Putin's 25th time to celebrate China

$新傳企劃(01284)$  

How crazy the retail investors are. The triple leveraged ETF SOXL, which makes semiconductors more than $1 billion in net inflows, a record since its establishment in 2010. Cerebras went public with an initial initial public offering of $185, closing up 68% on its first day, raising more than $5.5 billion. When everyone's money is squeezed into the same leverage corner, as long as there is a slight disturbance, such as a rise in debt yields, the market will experience a tragic situation of people stepping on people. This is the end-of-the-life of crowd irrationality overrides risk pricing mechanisms.

Investment markets never believe in tears, they only reflect the extreme values of human greed and fear. We are now facing a complex time of excessive liquidity, AI belief fever, but also physical inflation backlash and geopolitical extremes. Don't miss the rising waves because of fear of bubbles, and don't lose your rationale because of greed. Stay awake and discipline is paramount.

SOXL record-setting capital inflow – retail investors at All-in Semiconductor